Oil now
On Tuesday, the main oil brands are traded in different directions, maintaining upward dynamic. The cause of uncertainty in the oil market continues to be general market indecision regarding trade opposition. In addition, evidence that China has abandoned oil from Iran in order to avoid sanctions from the US, indicate a decrease in trade tension between the two countries.
A further restriction of oil exports from Iran and Venezuela and a reduction in supplies from OPEC will support the cost of oil. But the optimistic conditions for oil are very fragile. In the future, the growth of oil production and reserves in the United States will limit the upward trend in oil. Oil quotes can move to a new wave of strengthening.
Look Technical Analysis.
Brent crude is trading at around $ 69.00, a rise of about + 0.30% in price.
WTI crude oil is traded at around of $ 59.10, an increase of about + 0.80% in price.
Read also: “CFD on commodities: oil, gold and silver”
Dani Leviant
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